Biden revokes Presidential Permit for $8bn Keystone XL pipeline project

first_img Newly sworn-in US President Joe Biden signs executive order to cancel Presidential Permit for the Keystone XL pipeline. (Credit: Joint Congressional Committee on Inaugural Ceremonies/ US President Joe Biden has revoked the Presidential Permit issued for TC Energy’s $8bn Keystone XL pipeline project by his predecessor Donald Trump.The 1,947km long pipeline is proposed to deliver 830,000 barrels per day (Bbl/day) of crude oil sourced from Hardisty, Alberta in Canada to Steele City, Nebraska in the US.Donald Trump had issued Presidential Permit to the project twice, first in March 2017 and two years later to override an appeals court ruling.Following Biden’s signing of an executive order to scrap the permit, TC Energy has suspended advancement of the crude oil pipeline project. The Canadian energy company said that it would review the decision, study its implications, and consider its options.TC Energy to cease capitalising costsThe company will also cease capitalising costs, which include interest during construction, with immediate effect. Furthermore, the company said that it will assess the carrying value of its investment in Keystone XL, net of project recoveries.TC Energy said that Biden’s decision was expected while adding that it would reverse a comprehensive regulatory process that lasted more than 10 years.According to the company, the Keystone XL pipeline would transport oil in an environmentally responsible manner while boosting North American energy security.TC Energy president and CEO François Poirier said: “Our base business continues to perform very well and, aside from Keystone XL, we are advancing $25 billion of secured capital projects along with a robust portfolio of other similarly high quality opportunities under development.“These initiatives are expected to generate growth in earnings and cash flow per share and support annual dividend increases of eight to ten per cent in 2021 and five to seven per cent thereafter.”Permit cancellation to lead to thousands of layoffsThe Canadian firm also said that US President’s decision will now result in the layoff of thousands of workers. Besides, it would negatively affect industry commitments to use new renewable energy and also equity partnerships with Indigenous groups, said TC Energy.The Keystone XL pipeline project was estimated to create 2,800 construction jobs in Canada and 10,400 similar jobs in the US.In late 2020, TCS Energy inked a deal with Natural Law Energy which enables the latter to make an equity investment of up to CAD1bn ($792.7m) in the Keystone XL pipeline project.Meanwhile, Canadian Prime Minister Justin Trudeau issued a statement, saying: “Earlier today, Joe Biden was sworn in as the 46th President of the United States of America. While we welcome the President’s commitment to fight climate change, we are disappointed but acknowledge the President’s decision to fulfil his election campaign promise on Keystone XL.“I spoke directly with President Biden about the project last November, and Ambassador Hillman and others in our government made the case to high-level officials in the incoming administration.“Workers in Alberta, Saskatchewan, and across Canada will always have our support. Canada is the single-largest supplier of energy to the United States, contributing to U.S. energy security and economic competitiveness, and supporting thousands of jobs on both sides of the border.” Project owner TC Energy to suspend advancement of the Canada-US crude oil pipeline following the decisionlast_img read more

Oxford graduate named ‘Man at the Top’

first_imgA FORMER Oxford student has been crowned Young Entrepreneur of the Year in Esquire magazine’s ‘Man at the Top’ business awards. Charlie Osmond, 30, co-founded the recruitment consultancy FreshMinds with fellow Oxford graduate Caroline Plumber, beating off competition from four other hopefuls to win the title. Osmond, who graduated from Worcester College in 2000, was in his final year when he came up with the idea for the business.On the FreshMinds website, the company is described as “a recruitment consultancy for high calibre candidates.”It says, “Only the best candidates make it into our talent pool and our client list includes exciting companies ranging from big blue chips to fast-moving start-ups. Candidates come to us to find the most stimulating roles around. Clients come to us for help to identify, recruit and retain the very best talent for permanent roles and project work.”Osmond said he started the company after realising that businesses could use the potential and talent of graduates who were taking gap years. “I had many friends who were going into consultancy and banking who were going away to travel for a year. I realised that there was this wealth of untapped minds of highly capable people available with time on their hands. For example, one of our first ‘minds’ went on to work for McKinsey and Company,” he said. Osmond, who studied Engineering, Economics and Management at Oxford, was delighted to win the award, considering it to be a valuable recognition of his company’s achievements. He added that his degree at Oxford as well as his experience in the JCR had been crucial in forming his success. “I was JCR President, which was useful as it gave me good team management training. For me personally my degree was extremely valuable,” he said. “Engineering taught me that no matter how difficult a problem was you could solve it, while economics and management was good as it gave me a good grounding in the issues and problems we faced as these were problems we had studied and thought about at university.” Kirsty Mann, one of the company’s ‘minds’, who graduated from Somerville College in 2004, said businesses used the company to carry out research projects with a view to offering and providing solutions and ideas. Mann, who wants to become an actress, praised the flexibility of the company which allowed her to fit auditions around work. “I’m trying to break into musical theatre, and graduated a year ago from the Royal Academy of Performing Arts, so I need a temporary job that is very flexible. You’re given work on a project by project basis so it’s very flexible and provides good and interesting temporary work,” she said.According to Mann, the company acts as a good intermediary step into many different fields of work. “It’s brilliant for people who want to move into management consultancy or banking. They get very good work experience. Another one of my colleagues is looking to be a journalist, and so this provides him with money and experience while he searches for a job,” she said.last_img read more

News story: Defence Secretary says DASA is ‘shining example’ of defence innovation

first_img Run 26 innovation competitions Assessed 1,461 proposals from creative companies and individuals Invested £42.1 million in 278 projects DASA is maintaining our military edge over adversaries by driving revolutionary ideas in Artificial Intelligence, human-machine teaming and surveillance. DASA is tasked to find and fund exploitable innovations to support UK defence and security quickly and effectively, and support UK prosperity. The cross-Government organisation launched in December 2016 under the Strategic Defence and Security Review.In the first two years DASA has: Approximately 40 per cent of proposals are from ‘new to DASA’ organisations; demonstrating how DASA reaches out beyond traditional suppliers to find innovative people with great ideas, products or services. Over 50 per cent of this funding has gone to small and medium-sized enterprises.DASA not only funds UK innovators, but also helps businesses to grow and develop, giving them access to networks of expertise and providing them with technical support. DASA connects these businesses to frontline services such as the armed forces and police, as well as aviation security, transport security, and counter-terrorism. Such access has allowed innovations to be tested in real-life situations, rapidly accelerating the innovation process.Defence Secretary Gavin Williamson said:center_img DASA is a shining example of how we are responding to the rapid pace of evolving technology. This excellent organisation harnesses ingenious innovation ideas from across the private sector and collaborates widely across academia, industry and the military. DASA provides stimulus and support for companies on their innovation journey. The organisation guides technology from proof of concept to highly developed products.DASA brings together the private sector, academia and government organisations to co-create pioneering solutions to address defence and security challenges. They are not confined to working with science and technology; DASA also partners with behavioural and social sciences on better ways of working.One of the current bodies of work underway with DASA is a collaboration with the Australian Government. This is a themed competition calling for companies to submit ideas on innovative joining technologies that will accelerate the integration of advanced materials onto military platforms.last_img read more

Relationship Smart

first_img“I was crying hysterically. I didn’t understand why,” said Corrin Green, a rising high school junior from Alpharetta, Ga., about the break-up with her boyfriend of seven months. “He said we broke up because he was in love with his ex-girlfriend.” Dating is a normal part of teen development, and so are broken hearts, said Ted Futris, a family development specialist with University of Georgia Cooperative Extension. “For older teens, dating begins to focus more on companionship, sharing thoughts and feelings and social support,” he said. “While extremely intense, these relationships are typically short-lived. And about half end within a year.” “Our relationship was turbulent. We would fight a lot,” Green said. “But, I really cared about him.” These teenage relationships, even when short-lived, can have a big impact on teen development and emotional well-being.“Dating is an opportunity for teens to learn about themselves and what they want in a future long-term, committed relationship,” Futris said. Developing healthy relationships can help teens learn important relationship skills like cooperation, compromise, sensitivity and the ability to understand others’ feelings. Unhealthy relationships, however, can put teens at risk for early sexual activity, depression and forming poor social skills.Nearly half of all teenagers engage in sexual intercourse before the age of 19. Beginning at an early age, most adolescents have had numerous relationships by the time they reach 19, according to a 2004 report from the Centers for Disease Control and Prevention. According to national estimates, Futris said, 30 percent of 12- and 13-year-olds have a romantic relationship each year. Half of 15- and 16-year-olds are in relationships, and more than 70 percent of 17- and 18-year-olds are in relationships. “Adolescence is a time when teens are developing both emotionally and physically, and these changes can either have a positive or negative influence on a teen’s judgment and behavior in a dating relationship,” Futris said.Parents should work with their teens to develop rules and expectations for dating. “Be flexible and willing to listen to your teen’s viewpoint. Negotiate without giving up your parental authority,” he said. Parents should avoid setting strict dating rules. Doing so may cause teens to rebel. Establish fair and reasonable consequences that you follow through with when rules are broken.“This is important. Because rules without consequences, when they are broken, can increase the likelihood that your teen will engage in unhealthy or risky behaviors in the future,” Futris said. To help teens make good choices, he said, remember to:Be open and sensitive when talking about dating and relationships. Discuss your views and values and listen without being judgmental. Maintain a caring, supportive relationship. Make sure your teen knows you support their decisions, and that you are there to offer guidance and direction when needed. Share your experiences and model appropriate behaviors. Keep up with their schedule and activities, showing interest in their social life. Learn about their friends. This opens the door for daily conversations about relationships, making teens more comfortable with routinely sharing with you. Join in. Play video games, use the computer and watch TV with them. Discuss what you watch and how it relates to their current relationship and the overall message they got from it. “Overall, dating during adolescence can pose both promise and problems. While it can be a stressful time for parents, it can be an even more stressful experience for teens,” Futris said. “Providing a safe and secure base for your teen to communicate with you openly about their relationship and helping your teen think about expectations and values in relationships can lead to a relationship-smart teen.”last_img read more

Uruguay: Women make great strides in military

first_img Uruguay is continuing its more than decade-long effort to add more female troops to its ranks. Women comprise about 25 percent of Uruguay’s Armed Forces and can serve in combat, according to a recent survey on Armed Forces in Latin America, compared to an average of 4 percent in Latin American countries. By 2000, Uruguay’s Air Force, Army and Navy had female officer students. In 2000, a woman joined the Navy, the last branch to accept females. The Air Force and Army have been accepting women since 1997. The Uruguayan newspaper LaRed 21 projects that in four decades, a woman could become Chief Commander of any of the three military branches. “In 2013, 41 women are on officer paths in the Uruguayan Armed Forces. The law provides for a ceiling of 20 percent of female enrollees in the different military academies.” In 2014, the first female student from the Army Military School, where officers are formed, will graduate with the rank of Alferez (junior officer), according to the Uruguayan Ministry of Defense. The Air Force School accepted six female students to bring the total enrolled to 13. Of those, four will graduate as pilots and navigators this year. “Valeria Sorrenti Pírez completed Navy Senior High School in four years, and if she doesn’t flunk any exam will become the first female officer aboard an Uruguayan Navy vessel,” Navy Captain Eduardo Olivera told LaRed 21. The Military High School General Artigas has 518 male and 130 female students. The school is similar to most public schools except it offers basic martial arts and physical readiness instruction. Girls who are planning a military career attend this school. Victoria De Munno recalled her first days in the school following her arrival on Feb. 21. “I entered the Institute, very nervous but also excited about this new phase of my life. It is truly new and different from what I was used to. I came from a very small high school in the country’s interior and had to adapt to a school 10 times larger,” she said. De Munno recognized some of her fellow students from entrance exams. “It was good I didn’t know everyone – this way I had the opportunity to meet people from different parts of the country.” De Munno said each day brings a new challenge. “I’m here because I sought this challenge and I’m still trying to see if I am up to it.” Fellow student Lucía Mendiaval, said she gained skills that will help her in the private sector including learning to read a compass, and topographic map. As the number of women in uniform grows, Uruguay is modifying equipment including armored vehicles. “In the 6th Cavalry Regiment, teachers and students … changed the gearbox of a Polish armored vehicle and have also changed the steering wheel, which means that today it can be handled by a woman,” Uruguay Defense Minister Fernández Huidobro said. Well, it’s good that women have rights. Women should be treated well and with respect. OK, thanks, cheers. VERY BEAUTIFUL THE NEIGHBOURING COUNTRY HAS A SERIOUS PROBLEM. THERE, SINCE 1965, THERE IS NO POPULATION GROWTH; 60% OF ITS INHABITANTS ARE OLD PEOPLE AND MOST PART OF THE POPULATION LEAVE THE COUNTRY TO WORK. THEN, THE WOMEN HAVE TO GET ARMED, AND CERTAINLY, THEY ARE CORAGEOUS. I read your comment and I thought it was very objective, portraying the social reality in Uruguay. It is an excellent overview of our armed forces. At the troop level our armed forces are occupational, not professional, which means that young people enroll in these forces because of lack of jobs. To whom it may concern: I would like to know if when my granddaughter finishes elementary school, can she get into this school, without going to the basic regulated secondary school? I am grateful for any information you could send me. By Dialogo October 08, 2013last_img read more

Builders, bankers and risk aversion

first_imgThis time, most people would opt for the uncertain outcome, willing to risk the additional $15,000 for the 15% likelihood of losing nothing (the numbers are important; this wouldn’t work with, say, a 50-50 chance on the outcomes, or a bigger spread between the maximum and assured dollar amounts).The upshot of this, according to Tversky, is that we’re loss-averse, not risk-averse. When faced with a loss, we take on more risk in an effort to avoid or recoup the loss – sometimes to our peril.Examples abound. Consider Nick Leeson, the former derivatives trader for Barings Bank, at the time the UK’s oldest investment bank. Leeson made a number of ill-advised trades in the early 1990s. Rather than follow the adage that one’s first loss is sometimes one’s best loss, Leeson hid the losses from his employer, and doubled his bets, hoping he’d be proven right at last, and that he’d at least recover the losses.Leeson remained wrong, Barings failed, and Leeson went to prison.Other infamous examples come from Societe General and Sumitomo, but we needn’t look to such high-profile cases for evidence of this stress-induced loss aversion. Closer to home:The homeowner who, finding that his mortgage balance is now more than the home is worth, walks away from the house – effectively buying high and selling low (i.e., taking the risk that the home’s value will recover, a virtual certainty) – not to mention assuming the high risk associated with destroying one’s credit.The 401(k) investor who increases exposure to equities because the market is rallying strongly, just the time she should be questioning valuations and diversifying out of stocks.Her counterpart, who bails out of equities following a spectacular crash, thus assuming the risk of missing the next upside by selling at the bottom (incurring opportunity cost, just another side of the risk coin).All of these are actually examples of the type of behavior we’d typically see from bankers. Studies of serial entrepreneurs – builders – have found that they are willing to take risk, but only under two conditions: first, that their expected return is at least as high as the amount of their investment, and second, that they can afford to lose the amount they’re investing. The examples above may in some cases satisfy the first condition, but they certainly fail the second.Applying this to the credit union context, we should be willing to take risk if we can be reasonably assured of earning a return on that investment, net of the outlay. However, a survey of 1,500 executives in 90 countries found that executives are extremely risk-averse regardless of size of investment. Executives turned down opportunities even when expected net present value was positive at a projected 75% loss level. Instead, they only accepted a risk of loss from 1% to 20% regardless of investment size.This is decidedly banker-like behavior. Builders would invest in an initiative that returned positive value even at a 75% loss threshold.To remain relevant and competitive, we as credit union leaders need to be willing to make those investments, to take those calculated risks. Enterprise risk management can be of benefit in assuring that we have the capital to do so, as we’ll explore in our next article in this series.For more information about how enterprise risk management can benefit your credit union, contact Jeff Owen, Senior Consultant with The Rochdale Group, at (800) 424-4951, ext. 8011 or [email protected] In this, our last installment in a series of articles on builders and bankers, we’ll take a look at the relative attitudes toward risk of each group (and perhaps debunk some misconceptions in the process). You may recall that our use of the term “builders” refers to leaders who can build a hot fire out of a matchstick, and “bankers” refers to those leaders who can bank the coals to keep the fire at a consistent temperature. One group represents the entrepreneurs of the business world, and the other represents the steady leaders who keep the business going.Our last article talked about the two groups’ attitudes toward risk, stating that builders tend to be risk-takers, and bankers tend to be risk-averse. But in reality, bankers will take risks in given situations: when faced with a loss. Thus they tend to be loss-averse, rather than risk-averse.Consider this exercise devised by behavioral finance pioneer Amos Tversky:Choose from two alternatives with equal expected payoffs:A certain gain of $85,000An 85% chance of gaining $100,000 and a 15% chance of gaining $0 17SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Brian Hague Brian has more than 25 years’ experience in financial institutions and the capital markets, and has devoted 21 years to serving credit unions through various roles at CNBS, LLC, a … Web: Detailscenter_img In both instances, the probability-weighted outcome is the same. However, the second alternative introduces uncertainty, and uncertainty equals risk. Most of us would take the sure thing rather than run the risk of ending up with nothing (unless one is a riverboat gambler or a contestant on “Let’s Make a Deal”). So we avoid uncertainty – risk – and thus we are indeed risk-averse, right?Not so fast. Now, try part two of Tversky’s exercise:Choose from two alternatives with equal expected payoffs:A certain loss of $85,000An 85% chance of losing $100,000 and a 15% chance of gaining $0last_img read more

Gone mining

first_imgJUST AS the Russian Railways Ministry starts to implement its restructuring process which includes pulling out of non-core activities such as running towns and hospitals for railwaymen, comes news that it is to be granted the rights to mineral development along the Baikal – Amur corridor. Immediately after the BAM regional administration had been wound up (p149), Deputy Prime Minister Oleg Lobov approved a draft government resolution making the Railway and Economics ministries responsible for co-ordinating the development of gold, copper, titanium and oil reserves in the region.A new railway-owned subsidiary company Baminvest is to be formed to manage industrial production, and the ministries of Natural Resources, Fuel and Energy have been instructed to value the assets to be handed over. Lobov says the move will reinforce ’the geopolitical significance and importance of BAM for Russia.’ He expects the missing Severomuisk tunnel to be completed later this year, for opening to traffic during 1998. Railway Minister Anatoly Zaitsev has confirmed that work is under way on a rail bypass around Chechnya, which is expected to open in the third quarter of 1997. The link between Kizlyar and Makhachkala in the republic of Dagestan will create a corridor from Astrakhan to Azerbaijan along the Caspian sea coast. olast_img read more

Uig Harbor Scheme Includes Land Reclamation

first_imgImage source: the decision by Transport Scotland, CMAL and CalMac, to provide a larger vessel for the Uig/Tarbert/Lochmaddy Triangle lifeline ferry service to the Western Isles, the drafting and submission of a Harbor Revision Order and other construction consents for the new works required at Uig Harbor have now been approved.The final Masterplan Report has been completed, identifying the preferred improvement works, and this report has been submitted to Transport Scotland. Discussions are ongoing over the scope and timing of the terminal improvement works, together with the cost and associated increase in harbor dues, the Highland Council said in its latest release.Works include land reclamation, berthing structure strengthening and widening, new fendering, dredging, new gangway, linkspan refurbishment or replacement, passenger walkway shelter on the approach way and widening, the demolition and rebuilding of the existing old pier head, and relocation of harbor master’s office.A wave/coastal modelling study will be carried out during detailed design to consider engineering options for improving wind, wave and swell at the berth. When the new vessel comes into service, it is proposed to monitor the climate and berthing conditions which will inform the preferred engineering option.The inclusion of the Uig Ferry Terminal Upgrade within the Council’s capital program will be considered by Full Council in due course, the council said.[mappress mapid=”24559″]last_img read more

Arteta calls on Arsenal to put Euro pain behind them

first_img Loading… Youssef El-Arabi scored in the dying seconds of extra time to give the Greek side a 2-1 victory at the Emirates Stadium, meaning the last-32 tie ended 2-2 after the second leg.Pierre-Emerick Aubameyang’s acrobatic finish in the second half of extra-time appeared to have put Arsenal on course for qualification after Pape Abou Cisse’s header had sent the tie into an additional 30 minutes.But the last-gasp winner brought a premature end to Arsenal’s European campaign and Arteta must lift his side for a push to qualify for the Champions League through the Premier League.The club, unbeaten in the league since December, are ninth in the table, seven points behind fourth-placed Chelsea.Asked about the difficulty of finishing in the top four, Arsenal manager Arteta said: “(It is) very hard because looking at the table we’re still far from the objectives that we all have, but we’ve been far all season from it and we have to keep fighting.“The most important thing now is that the dressing room has to be strong and we have to keep going and react.“First of all, I have to convince them about what happened in the game and why they are not through in the tie.“If they continue to do that, there will be rewards like we have done in the last 10 games that we played.”Arsenal were knocked out of the Europa League by Olympiakos on away goalsRead Also: Tension as Man United star suffers injury setbackArsenal had shown signs of improvement since Arteta’s appointment in December but they were lacklustre for much of Thursday’s match, having gone into the second leg defending a 1-0 lead.“It hurts, big time,” said Arteta. “We had a lot of hope in this competition. It was a great way for us to be able to go to Europe and it is a very beautiful competition to try to win.”FacebookTwitterWhatsAppEmail分享 Promoted ContentCouples Who Celebrated Their Union In A Unique, Unforgettable WayThis Guy Photoshopped Himself Into Celeb Pics And It’s HystericalBest Car Manufacturers In The World6 Interesting Ways To Make Money With A Drone5 Of The World’s Most Unique Theme ParksTop 7 Best Car Manufacturers Of All TimeBest & Worst Celebrity Endorsed Games Ever MadePlaying Games For Hours Can Do This To Your BodyTop 10 Most Romantic Nations In The World7 Non-Obvious Things That Damage Your Phone7 Ways To Understand Your Girlfriend BetterCulkin Cracks Up The Web With His Own Version Of ‘Home Alone’center_img Mikel Arteta has called on his Arsenal players to “keep fighting” for the rest of the season after last year’s finalists were dumped out of the Europa League by Olympiakos on away goals.Advertisementlast_img read more

Dennis L. Shadday

first_imgDennis L. Shadday, age 72 of Batesville, died Thursday, September 26, 2019 at Margaret Mary Health.  Born May 28, 1947 in Milan, Indiana, he is the son of Martha (Nee: Sandifer) and Kenneth Shadday.  He married Sheila Schutte June 3, 1995 in Batesville.  Dennis served in the Army during the Vietnam war and was a union heavy equipment operator for Nelson Starks Company before retiring in 2009.Dennis liked anything with wheels and engine.  A long time Harley owner, he also drag raced for many years and could usually be found in the garage working on an engine.  He was a fan of NASCAR’s Dale Earnhardt too.  His family teased that he liked a to eat, as well as relaxing in his easy chair and watching Netflix, especially westerns.  Dennis also possessed a unique laugh that made him easily identifiable.  He loved his grandchildren, who affectionately called him “grumpy” instead of grandpa.He is survived by his wife Sheila; daughters Miranda and Brittany Shadday, both of Batesville; sons Jared Shadday of Batesville, Ira and Elliot Shadday, both of Missouri; brother Richard Shadday of Rexville, Indiana and grandchildren Kenneth, Justin, Dylan, Brandon, Emma, Adriana, Serena, Veda, Courtney, Toria, Eleora, Branson, Emery and Trevor.  In addition to his parents, he is also preceded in death by his daughter-in-law Amanda Shadday.Visitation is Tuesday, October 1st, from 4 – 7 p.m. at the Weigel Funeral Home.  Funeral services are 10 a.m. Wednesday, October 2nd at St. Louis Church.  Burial will follow in the church cemetery with military graveside rites conducted by the Ripley County V.F.W. Post #3183 and the Prell-Bland American Legion Post #271.  Memorials may be made to the family to assist with expenses.last_img read more